AICPA Advocacy

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January 28, 2021

PPP loan forgiveness and taxes: Part 2

Eileen Sherr, CPA, CGMA, MT, discusses what the CAA resolved regarding deductibility of business expenses paid by loan proceeds from the PPP, along with other AICPA advocacy priorities — and what remains unresolved. Plus, we look ahead to possible developments during 2021 in tax legislation and pandemic relief.

January 28, 2021

Employee retention credit changes leave practitioners with questions

The IRS issued guidance on two aspects of the employee retention credit — how to claim the credit when filing the fourth quarter Form 941 when the taxpayer knows its loan under the PPP will not be forgiven and how the newly extended and amended employee retention credit will apply.

January 19, 2021

Taxpayers need clarity on coordination of ERC and PPP loans

The AICPA asked the IRS and Treasury to clarify that the filing of a Paycheck Protection Program loan forgiveness application is not an election by the taxpayer to forgo the employee retention credit for wages reported on the application exceeding the amount of wages necessary for loan forgiveness.

January 15, 2021

The latest advice on PPP loans

The second version of the Paycheck Protection Program is not the same as the first. Two AICPA executives discuss what CPAs need to know.

January 13, 2021

AICPA encourages firms to aggressively advance PPP applications

The AICPA said Wednesday that it expects SBA and Treasury to open the Paycheck Protection Program’s application window to all lenders by Friday. The AICPA is also encouraging firms to advance the application process for small business clients seeking relief.

December 27, 2020

COVID-19 relief bill addresses key PPP issues

The $900 billion COVID-19 relief package passed Monday provides $284 billion for a revised Paycheck Protection Program (PPP) and clarifies that businesses can claim tax deductions for expenses paid for with forgiven PPP loans.

December 27, 2020

PPP expense deductibility and forgiveness raises basis, other issues

The potential for the deductibility of PPP-funded expenses raises some practice questions, and traps for the unwary lurk in the details.

December 24, 2020

AICPA tax policy and advocacy recommendations deliver results in 2020

Amid challenging circumstances, the AICPA’s tax policy and advocacy efforts provided successful results that benefited the accounting profession and taxpayers in 2020.

December 11, 2020

PPP loan forgiveness and taxes

The AICPA’s Eileen Sherr, CPA, CGMA, MT, discusses recent IRS guidance regarding the tax treatment of loans under the SBA’s Paycheck Protection Program.

December 3, 2020

AICPA and trade associations ask Congress to fix PPP loan deductibility

In a letter to Congress, dated Dec. 3, hundreds of national trade associations and their state and regional affiliates asked that legislation be enacted before the end of 2020 reversing the IRS’s position that amounts forgiven in loans under the PPP be nondeductible business expenses.

FROM THIS MONTH'S ISSUE

4 ways solo practitioners can stand out

Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.